Standard Chartered: underscoring sustainability commitment amid COVID-19

August 17, 2020 | 13:59
Standard Chartered has built a strong rapport with Vietnam over time, and now as the COVID-19 storm sweeps through, the London-backed lender is doing its best to help the nation, clients, and stakeholders, pinning hope on quicker economic recovery and good health for all.

"Having been in Vietnam for over 115 years, we remain fully committed to the country's long-term growth and development. We are taking action today to support businesses, communities and individuals, so we can all look forward to a better tomorrow," noted Nirukt Sapru, CEO of Standard Chartered Bank Vietnam and ASEAN and South Asia Cluster Markets.

This is an interactive video. You can stop the video by touching the screen, then tapping on the blue dots to get more details

As soon as the Covid-19 pandemic hit Vietnam, the London-backed lender has been quick to respond with appropriate policies and measures.

The bank has introduced a series of relief measures to help its corporate and retail clients eliminate financial burden. They include exemption or reduction of interest rates, provision of credit facilities to serve production and business activities and moratorium on loan repayment. These will be considered at clients' requests and approved on a case-by-case basis, with priority given to those severely impacted by the novel virus.

These supports will be considered at clients' requests and approved on a case-by-case basis, with priority given to those severely impacted by the virus.

As soon as the coronavirus pandemic hit Vietnam, Standard Chartered Vietnam has been quick to respond with appropriate policies and measures.

"We understand that individuals and businesses in Vietnam are facing unprecedented challenges. We hope that the relief measures will help our clients tide over this stressful period," said Sapru.

But that is not all, according to the CEO, the bank will continue to review the measures to provide adequate support to clients.

Along with that, local businesses will also benefit from Standard Chartered's global commitment of $1 billion financing, available for companies that provide goods and services to help the fight against COVID-19, and those planning the switch into making products that are in high demand to fight the global pandemic.

The lender has recently extended local business Tecomen a credit limit of VND40 billion ($1.73 million) as working capital for the production of its medical masks in a bid to meet the increasing demand for medical supplies in the global combat against the pandemic.

Recently, Standard Chartered Vietnam has joined hands with the Vietnam Women Entrepreneurs Council (VWEC), under the Vietnam Chamber of Commerce and Industry (VCCI), to launch a financial support programme for women-owned enterprises.

Within its framework, the bank will provide $25 million of uncommitted credit facilities with tenor of up to 365 days, along with complimentary training on financial education, market updates, and regular sharing sessions on topics of interest.

standard chartered underscoring sustainability commitment amid covid 19
The launching of a financial support programme for Vietnamese women-owned enterprises with the engagement of Standard Chartered

"Through this financial support programme, we hope to help women entrepreneurs navigate through this challenging period and gain access to capital financing and high-quality financial advice to successfully build their business for the long run," stressed the CEO.

Meanwhile, the bank also regularly organises webinars to update its individual and business clients with the group's latest views on the global, regional, and country outlooks, as part of an attempt to help them develop appropriate investment and business strategies during this difficult time.

For the community as a whole, Standard Chartered Vietnam has made a series of monetary donations, worth $200,000 (VND4.6 billion), and other in-kind donations to support the COVID-19 prevention and relief efforts in the country.

The fund has subsequently been allocated to various hospitals and charity organisations to spend on critical medical equipment and aid disadvantaged children and young adults.

standard chartered underscoring sustainability commitment amid covid 19
Standard Chartered has been throwing its full weight behind programmes to combat COVID-19

The corporation also launched the fundraising "Work from Home Workout Challenge" earlier on, which then contributed some VND450 million ($19,560) in donations and helped thousands of people including its staff, clients, and the community stay mentally and physically healthy amid the outbreak.

It is worth to mention that to prepare for a long ride with the local economy into the future, Standard Chartered Vietnam has been known to invest heavily in its people and workplace, believing that being good from the inside out will allow the lender to provide clients superior products and services and at the same time enable its sustainable growth and development.

Standard Chartered Bank Vietnam has, for the third consecutive year, been named one of the Best Companies to Work for in Asia by HR Asia, one of Asia's leading publications for HR professionals.

"Investing in people and the workplace has been and will continue to be a priority of Standard Chartered Bank Vietnam as we spare no efforts to be the bank of choice for our clients," stressed CEO Sapru.

By Anh Duc

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional